Sassy Resources Earns Interest in Battery Metals-Focused Company Through Nicobat Option

Rhea-AI Summary

Sassy Resources Corporation (CSE:SASY)(OTCQB:SSYRF) has entered a Binding Letter of Intent (LOI) with MAX Power Mining Corporation to option the Nicobat Property in Ontario. MAX Power aims to earn a 100% interest by investing $1 million in exploration over four years and issuing 5 million shares to Sassy upon public listing. This strategic move positions Sassy as the largest shareholder in MAX Power, allowing it to focus on its Foremore Project. The agreement is subject to a definitive option agreement by May 31, 2021, along with regulatory approvals.

Positive

• Strategic partnership with MAX Power allows Sassy to be the largest shareholder in a new battery metals company.
• Potential to receive 5 million shares and one million warrants upon MAX Power's public listing, enhancing Sassy's financial position.
• Focus on flagship Foremore Project ensures operational efficiency and growth.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / March 9, 2021 / Sassy Resources Corporation ("Sassy" or the "Company") (CSE:SASY)(FSE:4E7)(OTCQB:SSYRF) is pleased to announce that it has entered into a Binding Letter of Intent (LOI) to option its Nicobat Property in Northwest Ontario to privately held MAX Power Mining Corporation (MAX Power), a deal that would make Sassy the largest shareholder in this new battery metals-focused company which plans to list for public trading on a Canadian exchange in the coming months.

Under the binding letter of intent, MAX Power can earn a 100% interest in Nicobat by incurring $1 million in exploration expenditures on the property over a 4-year period while also issuing five (5) million shares in the company to Sassy upon obtaining a listing on a Canadian exchange with the Nicobat as a qualifying property. Those shares will be released to Sassy in stages over a three-year period while Sassy will also be granted one million warrants, exercisable at 25 cents, to purchase an additional one million shares in MAX Power within 36 months. Sassy will retain a 1% NSR on the property which may be purchased by MAX Power at any time for $1,000,000. In addition, Sassy will have the right to appoint one director to the MAX Power board after the date of listing.

Mr. Mark Scott, Sassy President and CEO, commented: "Sassy is looking forward to working with the team at MAX Power, which we expect will have a very exciting value proposition for investors. This deal allows Sassy to focus operationally and financially on its flagship Foremore Project in the Eskay Camp, in particular the Westmore discovery, and its growing Newfoundland project through wholly-owned subsidiary Gander Gold. Sassy's significant share position in MAX Power gives our shareholders the opportunity to benefit substantially from the expected growth and success of this new battery metals company."

The binding letter of agreement between the parties is subject to execution of a definitive option agreement on or before May 31, 2021, along with customary regulatory and exchange approvals.

About Sassy Resources Corporation

Sassy Resources is an exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal and base metal projects in North America. Its current focus is the Foremore Gold-Silver Project located in the Eskay Camp, Liard Mining Division, in the heart of Northwest B.C.'s prolific Golden Triangle.

Caution Regarding Forward Looking Statements

Investors are cautioned that, except for statements of historical fact, certain information contained in this document includes "forward looking information", with respect to a performance expectation for Sassy Resources Corporation. Such forward looking statements are based on current expectations, estimates and projections formulated using assumptions believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. Such factors include, without limitation, fluctuations in foreign exchange markets, the price of commodities in both the cash market and futures market, changes in legislation, taxation, controls and regulation of national and local governments and political and economic developments in Canada and other countries where Sassy carries out or may carry out business in the future, the availability of future business opportunities and the ability to successfully integrate acquisitions or operational difficulties related to technical activities of mining and reclamation, the speculative nature of exploration and development of mineral deposits, including risks obtaining necessary licenses and permits, reducing the quantity or grade of reserves, adverse changes in credit ratings, and the challenge of title. The Company does not undertake an obligation to update publicly or revise forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Some of the results reported are historical and may not have been verified by the Company.

Contact Info:

Mark Scott

Chief Executive Officer & Director
info@sassyresources.ca

Terry Bramhall

Sassy Resources Corporate Communications/IR
1.604.833.6999 (mobile)
1.604.675.9985 (office)
terry.bramhall@sassyresources.ca

In Europe:

Michael Adams
Managing Director - Star Finance GmbH
info@star-finance.eu

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Sassy Resources Corporation

View source version on accesswire.com:
https://www.accesswire.com/634232/Sassy-Resources-Earns-Interest-in-Battery-Metals-Focused-Company-Through-Nicobat-Option

FAQ

What is the LOI between Sassy Resources and MAX Power Mining Corp. regarding the Nicobat Property?

Sassy Resources has signed a Binding Letter of Intent with MAX Power Mining Corp. to option the Nicobat Property, allowing MAX Power to earn a 100% interest through $1 million in exploration over four years.

What benefits will Sassy Resources gain from its agreement with MAX Power Mining Corp.?

Sassy Resources will become the largest shareholder in MAX Power and potentially receive 5 million shares and one million warrants upon public listing, enhancing its shareholder value.

When is the definitive option agreement for the Nicobat Property expected to be finalized?

The definitive option agreement is expected to be completed on or before May 31, 2021.

How does the agreement with MAX Power support Sassy Resources' future projects?

The agreement allows Sassy Resources to focus on its flagship Foremore Project while maintaining a significant stake in MAX Power, benefiting from the growth of the new battery metals company.